Intuit Inc. (NASDAQ:INTU) Shares Sold by Essex Savings Bank

Essex Savings Bank reduced its holdings in Intuit Inc. (NASDAQ:INTU) by 16.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 538 shares of the software maker’s stock after selling 108 shares during the period. Essex Savings Bank’s holdings in Intuit were worth $330,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of INTU. Copia Wealth Management acquired a new stake in shares of Intuit in the fourth quarter worth approximately $25,000. NewSquare Capital LLC boosted its stake in shares of Intuit by 72.0% in the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Intuit in the fourth quarter worth approximately $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit in the fourth quarter worth approximately $28,000. Finally, VSM Wealth Advisory LLC acquired a new stake in shares of Intuit in the fourth quarter worth approximately $35,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

NASDAQ:INTU opened at $754.83 on Thursday. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $210.56 billion, a P/E ratio of 61.27, a P/E/G ratio of 3.40 and a beta of 1.28. The stock’s fifty day moving average is $675.86 and its two-hundred day moving average is $632.87.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the previous year, the business earned $9.88 earnings per share. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. Equities analysts expect that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. Intuit’s dividend payout ratio is currently 33.77%.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of research analyst reports. KeyCorp reaffirmed an “overweight” rating and issued a $850.00 price target (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $820.00 price target (up from $714.00) on shares of Intuit in a research note on Friday, May 23rd. Wells Fargo & Company set a $880.00 price target on Intuit and gave the stock an “overweight” rating in a research note on Friday, June 13th. HSBC raised Intuit from a “hold” rating to a “buy” rating and set a $699.00 price objective on the stock in a research note on Wednesday, April 23rd. Finally, UBS Group set a $750.00 price objective on Intuit and gave the stock a “neutral” rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $787.95.

Insider Activity at Intuit

In related news, EVP Alex G. Balazs sold 1,459 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Scott D. Cook sold 72,442 shares of the business’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the sale, the insider now owns 6,063,495 shares in the company, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,706 shares of company stock worth $212,420,665. 2.68% of the stock is currently owned by company insiders.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.